November 23, 2022

Stock analysts issue forecasts for SITE Centers Corp’s second quarter 2022 earnings. (NYSE:SITC)

SITE Centers Corp. (NYSE:SITC – Get Rating) – Equity research analysts at Jefferies Financial Group cut their second-quarter 2022 earnings-per-share estimates for SITE Centers stock in a report released Thursday, June 30. Jefferies Financial Group analyst L. Tsai now expects the company to earn $0.26 per share for the quarter, down from his previous forecast of $0.27. Jefferies Financial Group has a “Hold” rating and a price target of $13.00 on the stock. The consensus estimate for SITE Centers’ current annual earnings is $1.14 per share. Jefferies Financial Group also released estimates for SITE Centers Q3 2022 earnings at $0.27 EPS, Q4 2022 earnings at $0.28 EPS, Q2 2023 earnings at $0.28 EPS, earnings in Q3 2023 at $0.27 EPS and earnings in Q2 2024 at $0.28 EPS. SITE Centers (NYSE:SITC – Get Rating) last released its quarterly earnings data on Tuesday, April 26. The company reported EPS of $0.05 for the quarter, meeting analyst consensus estimates of $0.05. The company posted revenue of $131.10 million in the quarter, versus a consensus estimate of $126.07 million. The SITE centers had a return on equity of 6.61% and a net margin of 24.41%. The company’s revenue increased 9.3% year over year. During the same period of the previous year, the company achieved EPS of $0.28.

SITC has been the subject of several other research reports. Compass Point reduced its price target on SITE Centers from $17.00 to $15.00 and set a “neutral” rating for the company in a Wednesday, June 22 research note. KeyCorp cut its price target on SITE Centers from $19.00 to $17.00 and set an “overweight” rating for the company in a Tuesday, June 28 research note. StockNews.com began covering SITE Centers in a research note on Thursday, March 31. They issued a “hold” rating for the company. Wells Fargo & Company raised its price target on SITE Centers from $16.50 to $18.50 and gave the stock an “overweight” rating in a Thursday, April 7 research note. Finally, TheStreet upgraded SITE centers from a “b-” rating to a “c+” rating in a Monday, May 2 research note. Four research analysts gave the stock a hold rating and four gave the company a buy rating. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $16.86.

Shares of SITC opened at $13.64 on Monday. The company has a market capitalization of $2.92 billion, a P/E ratio of 27.84 and a beta of 1.53. The stock has a fifty-day moving average price of $14.67 and a 200-day moving average price of $15.35. The company has a debt ratio of 0.93, a current ratio of 0.35 and a quick ratio of 0.35. SITE Centers has a 12 month minimum of $12.40 and a 12 month maximum of $17.61.

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 6. Shareholders of record on Thursday, June 9 will receive a dividend of $0.13. This represents a dividend of $0.52 on an annualized basis and a yield of 3.81%. The ex-dividend date is Wednesday, June 8. The distribution rate of SITE centers is 106.12%.

In other news from SITE Centers, CEO David R. Lukes sold 310,797 shares of the company in a trade dated Thursday, April 28. The shares were sold at an average price of $16.59, for a total value of $5,156,122.23. Following the completion of the sale, the CEO now directly owns 1,164,513 shares of the company, valued at approximately $19,319,270.67. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available via this hyperlink. 20.30% of the shares are currently held by company insiders.

A number of hedge funds and other institutional investors have recently shifted their SITC holdings. Anson Funds Management LP acquired a new stake in SITE Centers in Q1 worth approximately $75,000. Lazard Asset Management LLC acquired a new stake in SITE Centers in Q1 worth approximately $76,000. Acadian Asset Management LLC acquired a new stake in SITE Centers during the fourth quarter valued at approximately $91,000. KBC Group NV acquired a new stake in SITE Centers during the first quarter for a value of approximately $126,000. Finally, First Manhattan Co. purchased a new stake in SITE Centers during the first quarter at a value of approximately $155,000. 88.34% of the shares are held by institutional investors.

About SITE Centers (Get a rating)

SITE Centers owns and operates outdoor shopping malls that provide a highly appealing shopping experience and array of merchandise to business partners and consumers. The Company is a self-administered, self-managed REIT operating as a fully integrated real estate company, and is listed on the New York Stock Exchange under the symbol SITC.

See also

Historical and revenue estimates for SITE centers (NYSE: SITC)

This instant alert was powered by MarketBeat’s narrative science technology and financial data to provide readers with the fastest and most accurate reports. This story was reviewed by MarketBeat’s editorial team prior to publication. Please send questions or comments about this story to contact@marketbeat.com.

Should you invest $1,000 in SITE Centers right now?

Before you consider SITE centers, you’ll want to hear this.

MarketBeat tracks daily the highest rated and most successful research analysts on Wall Street and the stocks they recommend to their clients. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the market takes off…and SITE Centers wasn’t on the list.

While SITE Centers currently has a “Moderate Buy” rating among analysts, top-rated analysts believe these five stocks are better buys.

See the 5 actions here